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Biotech / Medical : Biotech Valuation

CRSP 56.92

+1.0%

3:11 PM EST

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To: scaram(o)uche who wrote (28)	3/1/1999 3:00:00 PM
From: Biomaven	Read Replies (1) of 52153

Rick, <chuckle> Just to clarify, there are two distinct (but perhaps related) pools of blood here. The obvious one (to which you make reference <G>) is that in which the poor third-tier investor is mired; the other hidden one is that of the biotech whose lead project is dubious/dead, but for whom it's less painful (at least from the point of view of the executives) to soldier on rather than give up. I actually view this self-deception (to give it a charitable epithet) as one of the more serious issues plaguing small biotech. I know you have personally encountered this when doing DD for underwriters that don't want you to actually uncover anything negative. Given that it can take years for a bad project to be finally confirmed to the outside world as such, I wonder what percentage of biotech projects are actually in the land of the living dead. It's remarkable how often when we do get outside confirmation of the true value of a project, companies spin it as a positive ("Pump'n'Dump Biotech is pleased to announce it has regained exclusive rights to its breakthrough technology ..."). Peter

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